Savvy Students Understand Financial Planning is Vital

University students today have to budget more effectively to reduce the financial pressures of increasing fees, with many reassessing whether further education is the right decision.

The study by Friends Provident revealed 49 percent of all school leavers are reconsidering University as the next step after school, as University fees become unaffordable for many.

For 42 percent of those in their final school year, the cost of University is too high - however 72 percent still believe they need a degree to pursue their chosen career.

The research showed students are increasingly recognising the importance of good career and financial planning, to make the cost of University worthwhile.

A significant 93 percent of potential students plan to work part-time throughout their University experience to fund their studies, while 59 percent also accept they will have to take unpaid work to secure the job they want.

“We could be seeing the emergence of the most financially savvy generation of students yet, as they face the realities of the cost of education and increasing competition for jobs,” said Trevor Matthews, Friends Provident CEO.

“For most graduates today university life has been a great experience. With the right planning, advice and support, this can also be the case for the graduates of tomorrow.”

The average student in 2010 worked 15 hours a week during term time, compared to 13 hours in 2008, the Student Lifestyle Report by NUS and Endsleigh also showed.

School leavers are increasingly considering alternatives to University, such as apprenticeships and scholarships, as City & Guilds data indicated.

Of those who do go to University however, it is expected they are to demand more for the high price of their degrees. Almost half of the 16-19 year-old respondents expect to learn more as a result.